Kalpataru Projects International Promoters Divest 6% Stake For Rs 468 Crore

Promoters of Kalpataru Projects International Ltd (earlier known as Kalpataru Power Transmission) on Tuesday divested 6% of their stake in the firm for Rs 468 crore through open market transactions.

Parag Mofatraj Munot (promoter) and two promoter group entities -- Kalpataru Constructions Pvt Ltd and Kalpataru Viniyog LLP -- offloaded 96.34 lakh shares of Kalpataru Projects International Ltd (KPIL).

According to the bulk deal data available with the BSE, Munot sold 73.24 lakh shares, Kalpataru Constructions disposed of 10 lakh shares and Kalpataru Viniyog offloaded 13.10 lakh shares, amounting to a 5.9% stake in KPIL.

The shares were disposed of in the range of Rs 485.06-485.75 apiece, taking the transaction value to around Rs 468 crore.

Post this latest transaction, the combined shareholding of the promoter and promoter group entities has reduced to 41.31% from 47.24% (as per March 2023) equity in Kalpataru Projects International.

On Tuesday, shares of Kalpataru Projects International jumped 3.09% to close at Rs 522.70 per piece on the BSE.

Kalpataru Projects International is a part of the diversified conglomerate Kalpataru Group.